1. Related Applications
This application claims priority to U.S. Provisional Patent Application Ser. No. 60/284,173, filed on Apr. 17, 2001, entitled MONEY MANAGEMENT USING A CARD, which is incorporated herein in its entirety by reference.
2. The Field of the Invention
The present invention extends to both methods and systems for using a money management card. In particular, the present invention relates to a money management card providing an investment account that is linked to a pooled account. The money management card and investment account are adapted to save and invest a user's assets based on the user's spending.
3. Background and Relevant Art
The use of money management cards that allow a user to make purchases is an important aspect of modern commerce. The credit card industry provides vast amounts of credit to consumers and business alike to facilitate the purchase of goods, services, and other necessities using money management cards. Money management cards can include a variety of cards including, but not limited to, credit cards, automated teller machine (ATM) cards, check cards, and the like.
In recent years, the financial industry has expanded the use of money management cards beyond simply providing a means of making purchases. Money management cards have been utilized in a variety of roles including airline frequent flier programs, cash back incentives, and discount programs. These programs typically represent incentive programs adapted to encourage card users to use the money management card for purchases. The issuer of the card, at times in connection with other merchants, subsidizes the incentive programs with revenue generated from the credit card business. The subsidies are offered as a benefit of membership and are often linked to the amount of purchases made using the card.
Notwithstanding the incentive offered by such cards, credit card spending is typically associated with lessening of a user's assets. When the user makes purchases using a money management card, the user is spending financial assets to make purchases of goods, services, or other necessities. Though some cash back and investment mechanisms associated with money management cards provide a method of receiving a return of a portion of all purchases made using the card, typically such mechanisms are offered merely as a promotion and do not provide a meaningful method of saving or investing the user's assets. Additionally, investment mechanisms associated with money management cards that provide access to investment instruments typically require that the user satisfy dollar minimums associated with the investment instruments.